Oireachtas Joint and Select Committees

Wednesday, 24 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

But can I just ... by your own statement, Mr. Beausang, that it's ... in your witness statement, page 8:

In August 2007, shortly after its formal establishment, the chief role of the DSG, [the domestic standing group,] became to ensure that the [Department of Finance], [the] Minister and Government were fully advised on an ongoing basis of relevant developments impacting [upon] the banking sector for information available to and provided by the Central Bank, [the] IFSRA ... [that] this reflected the marked deterioration in funding conditions from August 2007 onwards.

Now, we're not talking about September 2008, we're talking about August 2007 and the period that led up to that. And this role, as I said earlier this morning, the ... or this afternoon, the ... the construction of the Central Bank, with the sort of two divisions of the Central Bank and the Financial Regulator was a ... was a creation of legislation. There was always the ability, through legislation, to modify or to change. But the job here was to feed in to ensure that the Department of Finance and Minister and Government were fully advised of the ongoing basis. Were you feeding that information in, so that-----

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